Precious metals are flattish as the dollar steadied and US data gave mixed readings. On MCX we expect gold and silver prices to trade range bound for the day as we believe despite fed rate hike. Base metals are mostly mixed on the LME with zinc and lead extending gain by another 1.5%, Copper long position on the LME have reached consecutive records since early November. On the MCX, we expect base metals prices to trade higher for the day. Oil prices were lower in early trade as API reported a large build in Cushing Inventories. On intraday basis we expect range bound trade in Crude oil.
Gold prices firmed on Wednesday after falling for eight out of the last 10 sessions, on perceptions that a recent surge in the dollar, sharper risk appetite and expectations for a US interest rate hike next week are already reflected in prices.
West Texas Intermediate oil futures pared losses in North American trade on Wednesday, after data showed that oil supplies in the U.S. registered an inventory draw that was twice as big as expected.
Gold showed sideways to bullish movement and found the important resistance level of 28025. Now if it will close above the important resistance level of 28100 then 28550 will act as next resistance level. On lower side 27800 will act as vital support level.
Silver showed bullish movement and found the important resistance level of 41935. Now if it will close above the important resistance level of 42100 then 42900 will act as next resistance level. On lower side 40800 will act as vital support level.
Crude showed bearish movement and found the important support level of 3370. Now if it will close below the important support level of 3350 then 3300 will act as next support level. On higher side 3480 will act as vital resistance level.
Copper showed bearish movement and found the important support level of 393. Now if it will break the resistance level of 400 then 410 will act as next resistance level. On the other hand 390 will act as a major support level.
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